The insolvency administrator has recognized around 151 million euros so far. Creditors' advocates expect a long process.
In the insolvency proceedings of the former Meinl Bank, which traded under the name Anglo Austrian AAB AG after the banking license was withdrawn, 382 creditors filed claims amounting to 510 million euros at the Commercial Court (HG) Vienna.
The KSV1870 credit protection association reported on Thursday. The insolvency administrator has recognized around 151 million euros as legitimately existing, the creditors' protectors expect further acknowledgments and a long process.
Controversial bankruptcy
Bankruptcy proceedings were opened against the assets of the former Meinl Bank at the beginning of March. However, legal remedies have been filed against the commercial court's decision to open bankruptcy. Overall, the bankruptcy case landed twice before the Supreme Court (OGH), reminded the KSV.
Even the EU court (EGC) was concerned with the revocation of the banking license. In terms of bankruptcy, creditors (customers) of the former Meinl Bank, the courts and the Financial Market Authority (FMA) had argued for months about who is or was corrected to apply for bankruptcy. The decision to open insolvency has only been legally binding for a short time.
According to the KSV, the insolvency administrator has not yet been able to complete his reviews because of the large volume of claims. The liquidation of the former money house is very complex. The insolvency administrator mainly checks whether the assets identified are of value. Essentially, it is about credit claims and other claims against domestic and foreign companies as well as various participations.
It will also be checked in detail whether claims exist against former organs or shareholders of the Ex-Meinl-Bank.
“From today's point of view, KSV1870 expects the proceedings to take longer.” Whether the creditors will receive a quota payment and if so, in what amount cannot be estimated at the moment.
Customers whose claims are covered by the deposit insurance – balances of up to 100,000 euros – would have already received their money.
The exam rules take place on Thursday morning at the commercial court.
